DTN Early Word Livestock Comments 05/05 06:18

DTN Early Word Livestock Comments 05/05 06:18 Hogs May See Strength Ahead of Weekend The cattle complex could only muster mixed futures Thursday as the selling pressure subsided. Hogs came under further pressure as traders are not convinced the market will trend higher. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $226.51 -$0.40* Hogs: Lower Futures: Mixed Lean Equiv: $87.08 +0.05** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equivalent Index has been updated to depict recent changes in live cattle weights and grading percentages.) ** based on formula estimating lean hog equivalent of gross packer revenue. GENERAL COMMENTS: Cattle futures tried to rebound Thursday but failed to maintain gains throughout the day with contracts closing mixed. Cash cattle trade for the week was lower with Northern dressed trading $3.00 lower and Southern live trading $1.00 lower. Much of the cash business is done, leaving the market with little else to focus on Friday. Weekly export sales Thursday showed better exports than the previous week at 20,100 metric tons (mt), but that had little impact on trading activity. Boxed beef prices closed higher with choice up $0.43 and select up $0.37. The slaughter pace has slowed slightly, which may keep packers in the driver's seat for the time being. Futures prices are not expected to do much Friday ahead of the weekend.